TIDM79IU
RNS Number : 7317J
Gatwick Funding Limited
14 December 2022
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR
RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS
(INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN
SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF
THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (the "United
States") OR TO ANY U.S. PERSON (AS DEFINED BELOW) OR IN OR INTO OR
TO ANY PERSON RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS
UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT
QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF
DOMESTIC LAW OF THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018.
14 December 2022
GATWICK AIRPORT LIMITED
FINAL RESULTS OF TER OFFER
On 6 December 2022, Gatwick Airport Limited (the " Offeror ")
announced separate invitations to the holders of the outstanding
notes detailed below (each a " Series " and together the " Notes ")
issued by Gatwick Funding Limited (the " Issuer ") to tender a
portion of such Notes for purchase by the Offeror for cash (each
such invitation an " Offer " and, together, the " Offers "). The
Offers were made on the terms and subject to the conditions set out
in the Tender Offer Memorandum dated 6 December 2022 (the " Tender
Offer Memorandum "). Capitalised terms used and not otherwise
defined in this announcement have the meanings given to them in the
Tender Offer Memorandum. The Expiration Deadline for the Offers was
16:00 (London time) on 13 December 2022 and the Offeror announced
the indicative results of the Offers earlier today.
Pricing for the Offers took place at or around 11:00 (London
time) today and the Offeror announces today the final results of
the Offers which are set out in the table below:
Aggregate
Aggregate Principal
Aggregate Principal Amount
Principal Amount of Notes
Amount of Notes outstanding
of Notes Purchase Pro-ration accepted following
Description of Notes ISIN tendered Price Factor for purchase settlement
--------------------- ------------- --------------- --------- ----------- --------------- ---------------
The 2024 Notes XS0733794407 GBP198,942,000 100.600 75.250 GBP150,002,000 GBP149,998,000
per per cent.
cent.
Aggregate
Principal
Aggregate Amount
Principal Benchmark of Notes
Amount Reference Series outstanding
Description of Notes Security Fixed Repurchase Purchase Pro-ration Acceptance following
of Notes ISIN tendered Yield Spread Yield Price Factor Amount settlement
------------ ------------- --------------- ----------- ----------- ----------- ----------- ----------- --------------- ---------------
The 2039 XS1691441924 GBP145,118,000 Not Not Not Not Not GBP0 GBP350,000,000
Notes Applicable Applicable Applicable Applicable Applicable
The 2046 XS1502174581 GBP119,910,000 3.812 165 bps 5.537 61.987 100.000 GBP119,910,000 GBP180,090,000
Notes per cent. per cent. per cent. per cent.
The 2048 XS1781266793 GBP151,495,000 3.816 180 bps 5.695 67.695 63.4994 GBP 96,677,000 GBP203,323,000
Notes per cent. per cent. per cent. per cent.
The 2049 XS2022203801 GBP96,000,000 3.778 175 bps 5.604 62.735 100.000 GBP96,000,000 GBP204,000,000
Notes per cent. per cent. per cent. per cent.
The 2024 Notes Target Acceptance Amount is GBP150,002,000 in
aggregate principal amount of 2024 Notes and the Fixed Spread Notes
Offer Cap is equal to an aggregate purchase price (excluding
Accrued Interest) of GBP199,999,706.85 (in each case, subject as
set out in the Tender Offer Memorandum).
Subject to the satisfaction or waiver of the Transaction
Conditions, settlement of the purchase of Notes accepted pursuant
to the Offers is expected to take place on 20 December 2022.
Notes purchased by the Offeror pursuant to the Offers will be
cancelled and will not be re-issued or re-sold. Notes which have
not been validly submitted and accepted for purchase pursuant to
the relevant Offers will remain outstanding.
Further Information
Any questions or requests for assistance in connection with the
Offers may be directed to the Dealer Managers or the Tender and
Information Agent at the following telephone number or e-mail
address:
THE DEALER MANAGERS
Banco Santander, S.A. Lloyds Bank Corporate Markets
2 Triton Square plc
Regent's Place 10 Gresham Street
London NW1 3AN London EC2V 7AE
United Kingdom United Kingdom
Tel: +44 (0) 20 7158 1726 /
Email: liabilitymanagement@santandercib.co.uk 1719
Attention: Liability Management Email: LBCMLiabilityManagement@lloydsbanking.com
Attention: Liability Management
Team
NatWest Markets Plc
250 Bishopsgate
London EC2M 4AA
United Kingdom
Telephone: +44 (0) 20 7678 5222
Email: liabilitymanagement@natwestmarkets.com
Attention: Liability Management
THE TER AND INFORMATION AGENT
Kroll Issuer Services Limited
The Shard
32 London Bridge Street
London SE1 9SG
United Kingdom
Telephone: + 44 (0) 20 7704 0880
Attention: Arlind Bytyqi
Email: gatwick@is.kroll.com
Tender Offer Website: https://deals.is.kroll.com/gatwick
Market Abuse Regulation
This announcement is released by the Issuer and contains
information in relation to the Notes that qualified as inside
information for the purposes of the Market Abuse Regulation (EU)
596/2014 as it forms part of domestic law of the United Kingdom by
virtue of the European Union (Withdrawal) Act 2018 ("EUWA")
("MAR"), encompassing information relating to the Bonds. For the
purposes of MAR and Article 2 of Commission Implementing Regulation
(EU) 2016/1055 as it forms part of domestic law of the United
Kingdom by virtue of the EUWA, this Notice is made by Lucy
Chadwick, a Director of the Issuer.
Disclaimer
Noteholders must read this announcement in conjunction with the
Tender Offer Memorandum. If any Noteholder is in any doubt as to
the contents of this announcement and/or the Tender Offer
Memorandum or the effect of the Offers, it is recommended to seek
its own financial and legal advice, including in respect of any tax
consequences, immediately from its broker, bank manager, solicitor,
accountant or other independent financial, tax or legal
adviser.
The Dealer Managers are acting exclusively for the Offeror and
no one else in connection with the arrangements described in this
announcement and the Tender Offer Memorandum and none of the Dealer
Managers, the Information and Tender Agent, or any director,
officer, employee, agent or affiliate of any such person, will be
responsible to any Noteholder for providing any protections which
would be afforded to its clients or for providing advice in
relation to the Offers, and accordingly none of the Dealer
Managers, the Information and Tender Agent or any of their
respective directors, officers, employees or affiliates make any
representation or recommendation whatsoever regarding the
Offers.
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END
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December 14, 2022 09:14 ET (14:14 GMT)
Gatwick Fd 43 (LSE:79IU)
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